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Invesco Intermediate Term Municipal Income Fund

Fixed Income | US Fixed Income

Objective & Strategy

The fund seeks a high level of current income exempt from federal income tax, consistent with preservation of capital by investing primarily in intermediate municipal bonds that are investment grade at the time of purchase.

Municipal sweet spot

An actively managed, diversified tax-free strategy seeking monthly income by investing in intermediate municipal
bonds with the potential to deliver competitive yields with less risk compared to long-term bonds. Note the
shorter maturities of intermediate bonds may lead to lower yields compared to longer-term bonds.

Compelling risk-return profile

A focus on risk-adjusted returns

The fund had higher risk-adjusted return than its peer group through Dec. 31,
2018.1

Focus on strong sources of revenue

Preference for revenue bonds

The fund has less exposure to pension liability as it holds significantly more revenue bonds than
general obligation bonds compared to its peer group.2

Strong outperformance

A better batting average than the peer group

The fund outperformed its peer group 95% of the time — during 154 of 162 five-year rolling monthly
return periods.3

The fund has grown its principal and outperformed its peer group since inception

A $10,000 investment in the fund would have returned $30,807

$30,807

$27,950

540

20

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middle

50

10

270

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Performance quoted is past performance and cannot guarantee comparable future results;
current performance may be lower or higher. Visit performance tab for the most recent month end performance.
Performance figures reflect reinvested distributions and changes in net asset value (NAV). Performance shown
at NAV does not include applicable front-end sales charge (2.50%). If sales charges had been reflected,
performance would be lower. Investment return and principal value will vary so that you may have a gain or a
loss when you sell shares. Fund performance reflects any applicable fee waivers and/or expense
reimbursements. Had the adviser not waived fees and/or reimbursed expenses in the past, returns would have
been lower. See current prospectus for more information.

Source: Invesco, StyleADVISOR. Class A shares at NAV for the period May 28, 1993 through December 31, 2018.
Returns for Class A shares do not include sales charges. Index performance is from May 31, 1993, the
month-end closest to fund inception. The Lipper Intermediate Municipal Debt Funds Index is an unmanaged
index
considered representative of intermediate municipal debt funds tracked by Lipper. An investment cannot be
made directly in an index. Past performance cannot guarantee comparable future results.

1 Source: StyleADVISOR. Class A shares at NAV for the 10-year period December 31,
2008–December 31, 2018. For this period, the Sharpe ratio for the fund was 1.19 and 1.03 for the peer
group.
Peer group represented by the Morningstar Muni National Intermediate Category. Risk-adjusted return as
measured by Sharpe ratio, which is a measure calculated using standard deviation and excess
return to determine reward per unit of risk. A higher Sharpe ratio indicates better risk-adjusted
performance. Standard deviation measures a fund’s range of total returns and identifies the spread of a
fund’s short-term fluctuations.

2 Source: StyleADVISOR, as of December 31, 2018. The fund held 7% in general obligation bonds
versus 20% for the peer group — a 65% difference. This difference lessens pension liability
because
general obligation bonds are backed by state and local governments, which are responsible for government
employee pensions. Pension liability is the difference between the total amount due to
retirees and the actual amount of money the state or local government has on hand to make those
payments. These payments are typically made from the general fund which is also the same pool of
assets reserved for debt service on general obligation bonds.

3 Source: StyleADVISOR. Class A shares at NAV for period July 31, 2005 (month-end of manager
inception) to December 31, 2018.

Diversification does not guarantee a profit nor eliminate the risk of loss. It's important to note that a
portion of the fund's distributions may be subject to state and local taxes.

as of 08/31/2019

Morningstar Rating™

Overall Rating - Muni National Interm Category

As of 08/31/2019 the Fund had an overall rating of 4 stars out of 243 funds and was rated 4 stars out of 243 funds, 4 stars out of 218 funds and 4 stars out of 150 funds for the 3-, 5- and 10- year periods, respectively.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Quality Breakdown

Bond Ratings

% of Total

AAA

3%

AA

25%

A

30%

BBB

23%

BB

6%

B

1%

CCC

0%

CC

0%

C

0%

D

0%

NR

14%

Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the homepage; www.moodys.com and select 'Rating Methodologies' under Research and Ratings on the homepage; www.fitchratings.com and select 'Ratings Definitions' on the homepage.

Top Industries

% of Total Assets

Other Diversified Financial Services

1.66

Oil & Gas Storage & Transportation

0.22

May not equal 100% due to rounding.

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

Materials & Resources

Alternative Minimum Tax Risk. Although the interest received from
municipal securities generally is exempt from federal income tax, the Fund
may invest all or a portion of its total assets in municipal securities subject
to the federal alternative minimum tax. Accordingly, investment in the Fund
could cause shareholders to be subject to, or result in an increased liability
under, the federal alternative minimum tax.

Changing Fixed Income Market Conditions Risk. The current low interest
rate environment was created in part by the Federal Reserve Board (FRB)
and certain foreign central banks keeping the federal funds and equivalent
foreign rates at or near zero. Increases in the federal funds and equivalent
foreign rates may expose fixed income markets to heightened volatility and
reduced liquidity for certain fixed income investments, particularly those with
longer maturities. In addition, decreases in fixed income dealer
market-making capacity may persist in the future, potentially leading to
heightened volatility and reduced liquidity in the fixed income markets. As a
result, the value of the Fund's investments and share price may decline. In
addition, because of changing central bank policies, the Fund may
experience higher than normal shareholder redemptions which could
potentially increase portfolio turnover and the Fund's transaction costs and
potentially lower the Fund's performance returns.

Debt Securities Risk. The prices of debt securities held by the Fund will
be affected by changes in interest rates, the creditworthiness of the issuer
and other factors. An increase in prevailing interest rates typically causes
the value of existing debt securities to fall and often has a greater impact on
longer-duration debt securities and higher quality debt securities. Falling
interest rates will cause the Fund to reinvest the proceeds of debt securities
that have been repaid by the issuer at lower interest rates. Falling interest
rates may also reduce the Fund's distributable income because interest
payments on floating rate debt instruments held by the Fund will decline.
The Fund could lose money on investments in debt securities if the issuer or
borrower fails to meet its obligations to make interest payments and/or to
repay principal in a timely manner. If an issuer seeks to restructure the
terms of its borrowings or the Fund is required to seek recovery upon a
default in the payment of interest or the repayment of principal, the Fund
may incur additional expenses. Changes in an issuer's financial strength, the
market's perception of such strength or in the credit rating of the issuer or
the security may affect the value of debt securities. The Adviser's credit
analysis may fail to anticipate such changes, which could result in buying a
debt security at an inopportune time or failing to sell a debt security in
advance of a price decline or other credit event.

Derivatives Risk. A derivative is an instrument whose value depends
largely on (and is derived from) the value of an underlying security, currency,
commodity, interest rate, index or other asset (each referred to as an
underlying asset). In addition to risks relating to the underlying assets, the
use of derivatives may include other, possibly greater, risks, which are
described below.

Counterparty Risk. Certain derivatives do not trade on an established
exchange (referred to as over-the-counter (OTC) derivatives) and are
simply financial contracts between the Fund and a counterparty.
When the Fund is owed money on an OTC derivative, the Fund is
dependent on the counterparty to pay or, in some cases, deliver the
underlying asset, unless the Fund can otherwise sell its derivative
contract to a third party prior to its expiration. Many counterparties
are financial institutions such as banks and broker-dealers and their
creditworthiness (and ability to pay or perform) may be negatively
impacted by factors affecting financial institutions generally. In
addition, in the event that a counterparty becomes bankrupt or
insolvent, the Fund's ability to recover the collateral that the Fund has
on deposit with the counterparty could be delayed or impaired. For
derivatives traded on a centralized exchange, the Fund generally is
dependent upon the solvency of the relevant exchange clearing house
(which acts as a guarantor for each contractual obligation under such
derivatives) for payment on derivative instruments for which the Fund
is owed money.

Leverage Risk. Many derivatives do not require a payment up front
equal to the economic exposure created by owning the derivative,
which creates a form of leverage. As a result, an adverse change in
the value of the underlying asset could result in the Fund sustaining a
loss that is substantially greater than the amount invested in the
derivative. Leverage may therefore make the Fund's returns more
volatile and increase the risk of loss. The Fund segregates or
earmarks liquid assets with a value at least equal to the amount that
the Fund owes the derivative counterparty each day, if any, or
otherwise holds instruments that offset the Fund's daily obligation
under the derivatives instrument. This process is sometimes referred
to as "cover." The amount of liquid assets needed as cover will
fluctuate over time as the value of the derivative instrument rises and
falls. If the value of the Fund's derivative positions or the value of the
assets used as cover unexpectedly decreases, the Fund may be
forced to segregate additional liquid assets as cover or sell assets at
a disadvantageous time or price to meet its derivative obligations or
to meet redemption requests, which could affect management of the
Fund and the Fund's returns. In certain market conditions, losses on
derivative instruments can grow larger while the value of the Fund's
other assets fall, resulting in the Fund's derivative positions becoming
a larger percentage of the Fund's investments.

Liquidity Risk. There is a smaller pool of buyers and sellers for certain
derivatives, particularly OTC derivatives, than more traditional
investments such as stocks. These buyers and sellers are often
financial institutions that may be unable or unwilling to buy or sell
derivatives during times of financial or market stress. Derivative
instruments may therefore be less liquid than more traditional
investments and the Fund may be unable to sell or exit its derivative
positions at a desirable time or price. This risk may be more acute
under adverse market conditions, during which the Fund may be
most in need of liquidating its derivative positions. To the extent that
the Fund is unable to exit a derivative position because of market
illiquidity, the Fund may not be able to prevent further losses of value
in its derivatives holdings and the liquidity of the Fund and its ability
to meet redemption requests may be impaired to the extent that a
substantial portion of the Fund's otherwise liquid assets must be used
as margin or cover. Another consequence of illiquidity is that the Fund
may be required to hold a derivative instrument to maturity and take
or make delivery of the underlying asset that the Adviser would
otherwise have attempted to avoid.

Other Risks. Compared to other types of investments, derivatives may
be harder to value and may also be less tax efficient, as described
under the "Taxes" section of the prospectus. In addition, changes in
government regulation of derivative instruments could affect the
character, timing and amount of the Fund's taxable income or gains,
and may limit or prevent the Fund from using certain types of
derivative instruments as a part of its investment strategy, which
could make the investment strategy more costly to implement or
require the Fund to change its investment strategy. To the extent that
the Fund uses derivatives for hedging or to gain or limit exposure to a
particular market or market segment, there may be imperfect
correlation between the value of the derivative instrument and the
value of the instrument being hedged or the relevant market or
market segment, in which case the Fund may not realize the intended
benefits. There is also the risk that during adverse market conditions,
an instrument which would usually operate as a hedge provides no
hedging benefits at all. The Fund's use of derivatives may be limited
by the requirements for taxation of the Fund as a regulated
investment company.

High Yield Debt Securities (Junk Bond) Risk. The Fund's investments in
high yield debt securities (commonly referred to as "junk bonds") and other
lower-rated securities will subject the Fund to substantial risk of loss. These
securities are considered to be speculative with respect to the issuer's
ability to pay interest and principal when due and are more susceptible to
default or decline in market value due to adverse economic, regulatory,
political or company developments than higher rated or investment grade
securities. Prices of high yield debt securities tend to be very volatile. These
securities are less liquid than investment grade debt securities and may be
difficult to sell at a desirable time or price, particularly in times of negative
sentiment toward high yield securities.

Inverse Floating Rate Obligations Risk. Inverse floating rate obligations
(inverse floaters) represent interests in bonds with interest rates that vary
inversely to changes in short-term rates. As short-term rates rise, inverse
floaters produce less income, and as short-term rates decline, inverse
floaters produce more income. As a result, the price of inverse floaters is
expected to decline when interest rates rise, and generally will decline
further than the price of a bond with a similar maturity. The price of inverse
floaters is typically more volatile than the price of bonds with similar
maturities. Interest rate risk and price volatility of inverse floaters can be
particularly high if leverage is used in the formula that determines the
interest payable by the inverse floater. Leverage may make the Fund's
returns more volatile and increase the risk of loss, and the value of, and
income earned on, an inverse floater that has a higher degree of leverage
are more likely to be eliminated entirely under adverse market conditions.
Upon the occurrence of certain adverse events, the special purpose trust
that created the inverse floater may be collapsed and the underlying
security liquidated, and the Fund could lose the entire amount of its
investment in the inverse floater and may, in some cases, be contractually
required to pay the negative difference, if any, between the liquidation value
of the underlying security and the principal amount of the short-term
floating rate interests. Recent regulatory changes have prompted changes
to the structure of tender option bonds. The Fund's enhanced role under the
revised structure may increase the Fund's operational and regulatory risk.

Liquidity Risk. The Fund may be unable to sell illiquid investments at the
time or price it desires and, as a result, could lose its entire investment in
such investments. An investment may be illiquid due to a lack of trading
volume in the investment or if the investment is privately placed and not
traded in any public market or is otherwise restricted from trading. Certain
restricted securities require special registration and pose valuation
difficulties. Liquid securities can become illiquid during periods of market
stress. If a significant amount of the Fund's securities become illiquid, the
Fund may not be able to timely pay redemption proceeds and may need to
sell securities at significantly reduced prices.

Management Risk. The Fund is actively managed and depends heavily
on the Adviser's judgment about markets, interest rates or the
attractiveness, relative values, liquidity, or potential appreciation of particular
investments made for the Fund's portfolio. The Fund could experience
losses if these judgments prove to be incorrect. There can be no guarantee
that the Adviser's investment techniques or investment decisions will
produce the desired results. Additionally, legislative, regulatory, or tax
developments may affect the investments or investment strategies available
to the investment manager in connection with managing the Fund, which
may also adversely affect the ability of the Fund to achieve its investment
objective.

Market Risk. The market values of the Fund's investments, and
therefore the value of the Fund's shares, will go up and down, sometimes
rapidly or unpredictably. Market risk may affect a single issuer, industry or
section of the economy, or it may affect the market as a whole. The value of
the Fund's investments may go up or down due to general market
conditions which are not specifically related to the particular issuer, such as
real or perceived adverse economic conditions, changes in the general
outlook for revenues or corporate earnings, changes in interest or currency
rates, regional or global instability, or adverse investor sentiment generally.
The value of the Fund's investments may also go up or down due to factors
that affect an individual issuer or a particular industry or sector, such as
changes in production costs and competitive conditions within an industry.
Individual stock prices tend to go up and down more dramatically than those
of certain other types of investments, such as bonds. During a general
downturn in the financial markets, multiple asset classes may decline in
value. When markets perform well, there can be no assurance that specific
investments held by the Fund will rise in value.

Medium- and Lower-Grade Municipal Securities Risk. Securities which
are in the medium- and lower-grade categories generally offer higher yields
than are offered by higher-grade securities of similar maturity, but they also
generally involve more volatility and greater risks, such as greater credit
risk, market risk, liquidity risk and management risk. Furthermore, many
issuers of medium- and lower-grade securities choose not to have a rating
assigned to their obligations by any nationally recognized statistical rating
organization. As such, the Fund's portfolio may consist of a higher portion of
unrated securities as compared with an investment company that invests
solely in higher-grade securities. Unrated securities may not be as attractive
to as many buyers as are rated securities, a factor which may make unrated
securities less able to be sold at a desirable time or price. These factors
may limit the ability of the Fund to sell such securities at their fair value
either to meet redemption requests or in response to changes in the
economy or the financial markets.

Municipal Issuer Focus Risk. The municipal issuers in which the Fund
invests may be located in the same geographic area or may pay their
interest obligations from revenue of similar projects, such as hospitals,
airports, utility systems and housing finance agencies. This may make the
Fund's investments more susceptible to similar social, economic, political or
regulatory occurrences, making the Fund more susceptible to experience a
drop in its share price than if the Fund had been more diversified across
issuers that did not have similar characteristics. From time to time, the
Fund's investments may include securities that alone or together with
securities held by other funds or accounts managed by the Adviser,
represents a major portion or all of an issue of municipal securities.
Because there may be relatively few potential purchasers for such
investments and, in some cases, there may be contractual restrictions on
resales, the Fund may find it more difficult to sell such securities at a
desirable time or price.

Municipal Securities Risk. The risk of a municipal obligation generally
depends on the financial and credit status of the issuer. Constitutional
amendments, legislative enactments, executive orders, administrative
regulations, voter initiatives, and the issuer's regional economic conditions
may affect the municipal security's value, interest payments, repayment of
principal and the Fund's ability to sell the security. Municipal obligations may
be more susceptible to downgrades or defaults during recessions or similar
periods of economic stress. Municipal securities structured as revenue
bonds are generally not backed by the taxing power of the issuing
municipality but rather the revenue from the particular project or entity for
which the bonds were issued. If the Internal Revenue Service determines
that an issuer of a municipal security has not complied with applicable tax
requirements, interest from the security could be treated as taxable, which
could result in a decline in the security's value. In addition, there could be
changes in applicable tax laws or tax treatments that reduce or eliminate
the current federal income tax exemption on municipal securities or
otherwise adversely affect the current federal or state tax status of
municipal securities.

Variable-Rate Demand Notes Risk. The absence of an active secondary
market for certain variable and floating rate notes could make it difficult to
dispose of these instruments, and a portfolio could suffer a loss if the issuer
defaults during periods in which a portfolio is not entitled to exercise its
demand rights.

When-Issued, Delayed Delivery and Forward Commitment Risks. When-issued and delayed delivery transactions are subject to market risk as
the value or yield of a security at delivery may be more or less than the
purchase price or the yield generally available on securities when delivery
occurs. In addition, the Fund is subject to counterparty risk because it relies
on the buyer or seller, as the case may be, to consummate the transaction,
and failure by the counterparty to complete the transaction may result in the
Fund missing the opportunity of obtaining a price or yield considered to be
advantageous. These transactions have a leveraging effect on the Fund
because the Fund commits to purchase securities that it does not have to
pay for until a later date. These investments therefore increase the Fund's
overall investment exposure and, as a result, its volatility. Typically, no
income accrues on securities the Fund has committed to purchase prior to
the time delivery of the securities is made, although the Fund may earn
income on securities it has set aside to cover these positions.

Zero Coupon or Pay-In-Kind Securities Risk. Zero coupon and
pay-in-kind securities may be subject to greater fluctuation in value and less
liquidity in the event of adverse market conditions than comparably rated
securities paying cash interest at regular interest payment periods. Prices
on non-cash-paying instruments may be more sensitive to changes in the
issuer's financial condition, fluctuation in interest rates and market
demand/supply imbalances than cash-paying securities with similar credit
ratings, and thus may be more speculative. Investors may purchase zero
coupon and pay-in-kind securities at a price below the amount payable at
maturity. Because such securities do not entitle the holder to any periodic
payments of interest prior to maturity, this prevents any reinvestment of
interest payments at prevailing interest rates if prevailing interest rates rise.
The higher yields and interest rates on pay-in-kind securities reflect the
payment deferral and increased credit risk associated with such instruments
and that such investments may represent a higher credit risk than coupon
loans. Pay-in-kind securities may have a potential variability in valuations
because their continuing accruals require continuing judgments about the
collectability of the deferred payments and the value of any associated
collateral. Special tax considerations are associated with investing in certain
lower-grade securities, such as zero coupon or pay-in-kind securities.

as of 09/13/2019

VKLMX

NAV

Change ($)

$11.35

-0.05

N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.

The information on this site does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial advisor/financial consultant before making any investment decisions.